In: Statistics and Probability
3)“ReDone and Associates real estate manager knows that
historically the mean selling time of a residential home in
downtown St. Petersburg is greater than 40 days, with a standard
deviation of 20 days. The manager believes that this mean has
decreased in the past year. If this belief is correct, the manager
will change the advertising campaign. A sample of 50 recently sold
residential homes show a mean selling time of 45 days. Use a 0.01
level of statistical significance for the test.